J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor. Character in this case : J and R. Adequate information: Checking account: $4,500 Savings account: $20,000 Emergency fund savings account: $21,000 IRA balance: $32,000 Car: $8,500 (Jamie Lee) and $14,000 (Ross) Student loan balance: $0 Credit card balance: $4,000 Car loans: $2,000 Jamie Lee: $45,000 gross income ($31,500 net income after taxes) Ross: $80,000 gross income ($64,500 net income after taxes) Mortgage: $1,225 Property taxes: $400 Homeowner’s insurance: $200 IRA contribution $300 Utilities: $250 Food: $600 Baby essentials: $200 Gas/maintenance: $275 Credit card payment: $400 Car loan payment: $289 Entertainment: $125 To determine: Life stage that they are going through and financial activities that they should be participating at this stage.

Question

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Answer 1

Question

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

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Answer 2

Question

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Expert Solution & Answer

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Answer 3

Question

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Expert Solution & Answer

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Answer 4

Question

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Expert Solution & Answer

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Answer 5

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Answer 6

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Answer 7

Chapter 13, Problem 1CC

Summary Introduction

Case summary:

J and R are both 38 years old and their triplets are three and half years old. Now, they are little bit more self-sufficient. They left their children on R’s parent’s home and left for dinner. While on dinner, they started discussing about their futures and future of their children as well. They are thinking that they are going to need $100,000 for college expenses and good amount for their retirement too. The beach house amount may be around $350,000 from thirty years from now which they want to purchase. They decided to talk to investment counselor.

Character in this case: J and R.

Adequate information: Checking account: $4,500
Savings account: $20,000
Emergency fund savings account: $21,000
IRA balance: $32,000
Car: $8,500 (Jamie Lee) and $14,000 (Ross)
Student loan balance: $0
Credit card balance: $4,000
Car loans: $2,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $80,000 gross income ($64,500 net income after taxes)
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
IRA contribution $300
Utilities: $250
Food: $600
Baby essentials: $200
Gas/maintenance: $275
Credit card payment: $400
Car loan payment: $289
Entertainment: $125

To determine:

Life stage that they are going through and financial activities that they should be participating at this stage.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 13 - Prob. 13.1PQ1 Ch. 13 - Prob. 13.1PQ2 Ch. 13 - Prob. 13.1PQ3 Ch. 13 - Prob. 13.1PQ4 Ch. 13 - Prob. 13.2PQ1 Ch. 13 - Prob. 13.2PQ2 Ch. 13 - Prob. 13.2PQ3 Ch. 13 - Prob. 13.3PQ1 Ch. 13 - Prob. 13.3PQ2 Ch. 13 - Prob. 13.3PQ3

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Chapter 13 Solutions